De Beers CEO Al Cook
Photo by: Creamer Media's Donna Slater
Diamond miner De Beers' final sales cycle of this year has generated $130-million, an improvement on the $86-million in sales recorded in the ninth sales cycle of this year.
Sales were, however, still well below the $417-million in sales recorded in the tenth and final sales cycle of 2022.
"In the final sales cycle of 2023, De Beers continued to offer lower levels of rough diamond supply, in line with current demand. As the end-of-year holiday season progresses, we are seeing signs that the diamond industry is regaining its balance between wholesale supply and demand.
"Polished diamond prices look to have stabilised as inventory levels have decreased, though we expect improvements in rough diamond trading conditions to be gradual," says CEO Al Cook.